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It was heralded as the float of the century that turned 1,000 Silicon Valley
geeks into overnight millionaires and propelled the fresh-faced founders of
the company into the realm of the super-rich. Yet only three months later a
generation of nouveau-riche Facebook executives are sitting on massive paper
losses as a result of the social network’s botched flotation.

Investors now fear a further downward spiral in the shares, which hit a record
low overnight. Facebook has ceded almost half of its value since it went
public in May and faces further pressure, as early investors and staff can
sell their